In 2018, Millennials have represented the huge force of home buyers at 37 percent, as indicated by the National Association of Realtors’ 2019 Home Buyers and Sellers Generational Trends Report.
These young generation want homes, but they do not want just any home. Despite the low home inventory on the market, they are not likely to settle on the condition of the house. So if you are a home seller or a developer and you want to target Millennial buyers, understanding their priorities and housing preferences is important.
The Housing Choices of Millennials
Move In Ready
Millennials didn’t want to do any work or would prefer more like an instant HGTV approved living. They’re not usually willing to put in elbow grease on making something their own through a renovation. As long as it’s on trend enough, they’re happy to just bring their furniture and their toothbrush and move in.
A sense of belonging to a neighborhood is more important to younger buyers than their distance from work. The older generation wants a shorter commute, but most of the younger buyers have much more flexibility in their jobs. They work from home often, take advantage of telecommuting and go into the office a couple of times a week.
That job flexibility means access to the metro is less important to younger buyers than access to a fitness center, parks, coffee shops and restaurants. In the city, the availability of ride sharing, bike lanes, the bus system and bike sharing means that metro is less of a priority than it used to be.
Pets or parking?
Pets are more important to urban millennials than parking. Even for those who haven’t started a family yet or those who do have kids, the family pets are a priority. Millennial buyers looking at condos ask if the building is pet-friendly and if there are any weight or other restrictions. If they’re looking at a townhouse or single-family house, they want a yard for their dog, even if it’s small.
Technology and Design
Millennials grew up in the digital age, which gave them a thirst for instant information at their fingertips and virtual communication. Appliances such as smart thermostats, smart doorbells and more that can be controlled from an app are all the rage. Connectivity is king when putting a house on the market these days. Any new technology that comes at a low cost is a major bonus to this age group.
Open Floor Plan
The walls are coming down for millennials. Those who are having children want an open area for them to run around and also love entertaining, which means kitchens, living rooms and dining rooms that are connected attract them.
If you are a seller with an older home, try to eliminate some unnecessary walls, especially hip- or knee-height walls that used to be popular, to make your home appealing to younger buyers.
Less Is More
In addition, sellers may want to reduce traditional elements in their home as much as possible, such as heavy curtains or elaborate furniture, in favor of simpler design features. They prefer modern, sleek designs with clean lines and minimalist aesthetics. To them, less is more. Homes that have new, stainless-steel kitchens and simple cabinetry will draw millennials in.
Even as they are called the pickiest generation, top priorities for most millennials are the same as any other generation: They want an affordable house in good condition in a convenient location.